Gerald Celente says Ponce is correct !

[Down1]

Celente lost money in the MF Global bankruptcy and says the lesson learned is “You don’t own your money unless you have it in your possession.”
http://lewrockwell.com/celente/celente101.html

[madfranks]

I've heard the same variant from a handful of other people too, I just like the way Ponce says it best, it has a certain flow to it, you know?

[midnight rambler]

What exactly did Celente entrust MF Global with?? Was it in fact 'money'??

[beefsteak]

That would be a yes AND a no, midnight rambler.

He trusted them with eDigits, which is equivalent "no."

Not only did "they" confiscate his MF account eDIgits balance, and issue margin call, "they"--the bankruptcy trustee also clawed back prior profitable closed out long ago futures contracts which had settled in physical gold metal awaiting his re-delivery instructions against which he was paying "storage and interest" in a COMEX insured warehouse.


beefsteak